EURUSD Retreats and Stays Beneath 1.1900 Level Despite Upbeat Eurozone Sentix Data

EURUSD Retreats and Stays Beneath 1.1900 Level Despite Upbeat Eurozone Sentix Data

EURUSD Price Analysis – November 9

EURUSD is off the highs as the pair retreats and stays beneath the 1.1900 level. The upbeat Eurozone Sentix data offered some temporary boost to the bulls but not enough to take out the 1.1900 resistance. Markets are eyeing further responses and coronavirus headlines.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1880
Support Levels: 1.1838, 1.1760, 1.1612
EURUSD Long-term Trend: Ranging
EURUSD tried to move towards the horizontal resistance line at 1.1917, which was also undertaken at the end of October and may be struggling to get it back. The Relative Strength Index remains above its midlines, indicating that overbought conditions have not yet been recorded on the daily chart.

Immediate resistance is expected around 1.1900, which also peaked in September. This is followed by the level of 1.1917, another peak of the same period, and then the level of 1.1965. Some support is expected at 1.1838. It is followed by the 1.1807 level, last week’s high, and then the 1.1760 level.
EURUSD Short-term Trend: Bullish
The intraday sentiment of EURUSD remains positive for now. The present circumstance suggests that the sideways trading from the level of 1.2011 ended at the level of 1.1612. Further rallies are anticipated to initially retest the 1.2011 level.

Its breakout may restart the general bounce from the 1.0635 level. On the other hand, a breach of the minor support level at 1.1760 may change the forecasts and make a neutral intraday bias first. This may remain the preferred scenario as long as the 1.1422 resistance turns into support.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.